New York, New York - February 26th, 2013 - (www.investorideas.com newswire, ) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top percentage gainers on the NASDAQ for February 26th, 2013.
MediciNova Inc., (NASDAQ:MNOV) trading at $3.53 gained $1.39 or 64.95% on a volume of 2,230,540 shares, making it today's top percentage gainer on the NASDAQ.
MediciNova, Inc., a biopharmaceutical company announced yesterday that it has received Fast Track designation from the U.S. Food FDA for MN-166 (ibudilast) for the treatment of methamphetamine dependence. Fast Track is a process designed to facilitate the development and expedite the review of drugs that are intended to treat serious diseases and have the potential to fill an unmet medical need. An important feature of the FDA's Fast Track program is that it emphasizes early and frequent communication between the FDA and the sponsor throughout the entire drug development and review process to improve the efficiency of product development as well as potentially shorten the timeline to drug approval.
There are currently over 439,000 methamphetamine abusers in the U.S. which have in the past caused an estimated economic burden of over $23.4 billion. There are no medications currently approved by the FDA for the treatment of methamphetamine dependence.
Atlantic Coast Financial Corporation (NASDAQ:ACFC) trading at $3.96 rose by $0.42 or 11.86% on a volume of 212,946 shares.
Atlantic Coast Financial Corporation earlier today announced a strategic transaction that will achieve immediate enhanced value for all stockholders with respect to the present value of their investment, as well as a financially strong banking platform, and a competitive community banking organization that is well positioned to meet the needs of its customers and communities for the long term.
The Company has entered into a definitive merger agreement with Bond Street Holdings, Inc. wherein the Company will merge into Bond Street, a community-oriented bank holding company with $3.2 billion in total assets that operates 41 community banking branches along both Florida coasts and in the Orlando area. Upon completion of that transaction, Atlantic Coast Bank will merge into Florida Community Bank, N.A., Bond Street's banking subsidiary.
The Company's stockholders will then receive $5.00 per share in cash for each common share owned which represents a premium of approximately 49% to the Company's average stock price of $3.36 over the 10-day period ended February 25, 2013.
The transaction is expected to be completed by the end of the second quarter of 2013, subject regulatory approvals and the approval of Company stockholders
Regulus Therapeutics Inc., (NASDAQ:RGLS) trading at $5.19 moved up $0.37 or 7.70% on a volume of 6,781 shares.
Global Indemnity plc (NASDAQ:GBLI) trading at $23.38 gained $2.37 or 11.28% on a volume of 6,798 shares.
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